| |
|
 |
| For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
|
030725
STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI
F.E. Circular No. 13
June 25, 2003
The Head Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear Sirs,
Borrowings by Individual Foreign Nationals
In terms of para 5 Chapter XIX of FE Manual
(8th Edition-2002), Authorised Dealers have general permission to grant Rupee
loans/overdrafts to foreign nationals upto the extent of their two months
salary. Requests for advances in excess of this are, however, referred to the
State Bank.
2. Now, with a view to further liberalizing the foreign exchange regime, it has
been decided to allow Authorised Dealers to grant Rupee loans/overdrafts to
foreign nationals upto the extent of their requirements observing the relevant
Prudential Regulations. Consequently, Para 5, Chapter XIX of FE Manual (8th
Edition-2002) may be replaced with the following:
Quote
‘Authorised Dealers have general permission to grant Rupee loans/overdrafts to
foreign nationals upto the extent of their requirement subject to the observance
of relevant Prudential Regulations’.
Unquote
Please bring the above to the notice of your branches and other constituents.
Yours faithfully,
(M. R. MEHKARI)
Director
|
|
|
|
|
|
| Home | About Us | Contact | Information Resources |